In recent years, there has been a growing movement towards transitioning away from traditional fossil fuel energy sources and towards so-called “green” or alternative energy sources like solar, wind, and biofuels. Proponents argue this shift is necessary to combat climate change, reduce our reliance on finite resources, and secure a sustainable energy future. But a closer examination of the facts reveals what amounts to a “big green lie” – that nearly all of these still-nascent green energy technologies remain completely unsustainable without massive taxpayer subsidies.
The economics simply do not add up. Solar and wind energy are intermittent power sources that cannot yet match the consistent output of traditional power plants. Before the grid can fully transition to green energy, enormous investments will be needed to develop the necessary infrastructure – new transmission lines, facilities for energy storage, etc. Biofuels face fundamental constraints in scaling production to supply the world’s voracious energy demands. Electric vehicles have limitations in range, recharging time, and battery costs that keep them uncompetitive with gas-powered cars.
According to estimates, if the country is to meet the ambitious targets outlined in the Green New Deal to have the U.S. running on 100% renewable energy by 2030, it would require the installation of tens of thousands of new wind turbines and solar panels, the deployment of 70,000 gigawatt-hours of battery storage, and the construction of a new high voltage transmission line every 30 miles. The costs of such a project would easily reach into the trillions of dollars.
And yet this spending has been set in motion without the political will to raise taxes enough to pay for it or make the tough choices to cut existing spending elsewhere in the budget. The Green New Deal is less a serious plan for an energy transformation and more a pot of money to be doled out by politicians to their favored special interests and pet projects.
We see this playing out already. GE, Tesla, and Chrysler have all received billions in federal subsidies and loan guarantees for green energy initiatives. Tesla made $595 million in profit in 2019, but fully $354 million of that came not from car sales, but from selling government-mandated zero emission credits to other automakers. As long as the public teat remains, these companies have little incentive to price their wares competitively on the open market.
In the face of $22 trillion in national debt and $1 trillion annual budget deficits, it is morally reprehensible to be piling trillions more in future spending commitments onto the backs of our children and grandchildren. If green energy is as revolutionary and future-changing as billed, it should be able to pay its own way and turn a profit, not be forever dependent on corporate welfare.
I do not argue against the need to move beyond fossil fuels. But we must do so in an honest and transparent manner, not by further burdening our already leveraged taxpayers. The future of our planet and economy depends on an energy future that is truly sustainable. Lying to ourselves about the costs will not get us there. We need a green energy policy that is both environmentally friendly and fiscally responsible. Until we have that, this big green lie will only set back the cause in the long run.
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